Tesla has just put in an offer to acquire SolarCity

Johana Bhuiyan for Recode:  Tesla’s board of directors has just sent an offer to acquire SolarCity to the company’s CEO. In other words, the electric car company Elon Musk is the CEO of just offered to buy the solar company Elon Musk is the chairman of.

In the letter, sent to SolarCity co-founder and CEO Lyndon Rive, Tesla’s board of directors offered to buy all of SolarCity’s remaining common stock in exchange for Tesla’s common shares. That’s $26.50 to $28.50 a share, according to the board.

The stock-for-stock deal amounts to about $2.8 billion based on where Tesla stock was trading before the proposal was announced.

As of yesterday, Musk personally owns 22,160,370 shares of SolarCity. So if the respective boards of each company approves the acquisition, Musk would personally reap $587,249,805 to $631,570,545.

Tesla’s move to acquire the solar company will help Musk in his goal of accelerating the world’s transition to using completely sustainable fuels in transportation.  Cont'd...

Comments (0)

This post does not have any comments. Be the first to leave a comment below.


Post A Comment

You must be logged in before you can post a comment. Login now.

Featured Product

Quick Mount PV - E-Mount now available

Quick Mount PV - E-Mount now available

E-Mount features Quick Mount PV's patented QBlock Elevated Water Seal Technology to provide superior waterproofing and fast, single bolt installation on composition/asphalt shingle roofs. Similar to QMPV's best-selling Classic Composition Mount, E-Mount uses a smaller, lighter flashing and is priced to compete in highly competitive markets. All stainless steel hardware included. Made in the USA.